Thermo Fisher acquisition of Qiagen : US life sciences company Thermo Fisher Scientific has agreed to acquire Qiagen, a Netherlands-based provider of molecular diagnostics and sample preparation technologies in an all-cash deal worth around $11.5 billion.
The deal includes the assumption of nearly Qiagen’s $1.4 billion of net debt by the US firm. Thermo Fisher Scientific, which provides scientific instrumentation, reagents, and consumables is acquiring Qiagen for €39 per share.
With the acquisition of the Dutch company, Thermo Fisher Scientific said that it will expand its specialty diagnostics portfolio with attractive molecular diagnostics capabilities, which includes testing for infectious diseases.
The Dutch life science and molecular diagnostic solutions provider is said to serve more than 500,000 customers across the globe.
Commenting on Thermo Fisher acquisition of Qiagen, Marc N. Casper, chairman, president and CEO of Thermo Fisher Scientific, said: “We are excited to bring together our complementary offerings to advance our customers’ important work, from discovery to diagnostics.
“This acquisition provides us with the opportunity to leverage our industry-leading capabilities and R&D expertise to accelerate innovation and address emerging healthcare needs. For shareholders, we expect the transaction to be immediately accretive and to generate significant cost and revenue synergies.”
Qiagen’s Sample to Insight molecular testing solutions are said to be designed for extracting, isolating and purifying DNA, RNA and proteins from a variety of biological samples. After these processes, the biomolecule samples are amplified and enriched to make them visible and ready for analysis using the company’s assay technologies
Additionally, Qiagen’s instruments are used to automate the workflows, while its bioinformatics systems offer customers with relevant, actionable insights.
Qiagen with a workforce of around 5,100 people at 35 locations in over 25 countries, recorded a revenue of $1.53 billion in 2019.
Thierry Bernard – interim CEO of QIAGEN and senior vice president, head of the molecular diagnostics business area, commenting on Thermo Fisher acquisition of Qiagen, said: “This strategic step with Thermo Fisher will enable us to enter a promising new era and will give our employees the opportunity to have an even greater impact.
“The combination is designed to deliver significant cash value to our shareholders, while enabling us to accelerate the expansion of our solutions to provide customers worldwide with breakthroughs that advance our knowledge about the science of life and improve health outcomes.”
The deal is expected to be closed in the first half of 2021, subject to the receipt of applicable regulatory approvals and other customary closing conditions.
J.P. Morgan Securities and Morgan Stanley & Co served as the financial advisors to Thermo Fisher Scientific, while Wachtell, Lipton, Rosen & Katz served as legal counsel. On the other hand, for Qiagen, its lead financial advisor is Goldman Sachs International, Barclays Bank is the financial advisor, while De Brauw Blackstone Westbroek, Linklaters and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C. are the legal counsel.
Last month, Qiagen shipped its coronavirus diagnostic test, the QIAstat-Dx Respiratory Panel 2019-nCoV test kit, for four hospitals in China for evaluation.